This document discusses how assets can pass outside of an estate upon death. It provides examples such as life insurance policies, where a beneficiary is designated to receive the proceeds directly rather than the estate. Jointly held assets also pass directly to the surviving joint owner. Inter vivos gifts made during one's lifetime also remove assets from the estate. However, certain assets like those in a trust can still be accessed to fund claims of dependents or creditors against the estate. The document explains different mechanisms by which assets bypass probate but may still be subject to certain claims against the deceased's estate.
Options for Leaving a Gift Under a Last Will and TestamentHull & Hull LLP
This slideshare presentation describes the various options that exist as well as the corresponding advantages and disadvantages of making arrangements for different types of testamentary gifts.
This SlideShare presentation discusses the basics of removing a trustee, including information on who is eligible to bring an application to remove a trustee, when it is possible to remove a trustee and more.
Options for Leaving a Gift Under a Last Will and TestamentHull & Hull LLP
This slideshare presentation describes the various options that exist as well as the corresponding advantages and disadvantages of making arrangements for different types of testamentary gifts.
This SlideShare presentation discusses the basics of removing a trustee, including information on who is eligible to bring an application to remove a trustee, when it is possible to remove a trustee and more.
Five Things Required for a Successful Probate ApplicationHull & Hull LLP
This SlideShare presentation describes what is required for a successful probate application, as well as what complications can arise when creating the document.
Depending on the exact estate in question various different types of legal devices could be utilized. In this presentation we are going to look at the core components of a basic estate plan.
In this case, the debtor has to draw up a plan of how the debt will be paid off. In this case, the debtor will have to pay much more than they would have otherwise paid.
Head of our Private Client department, Dawn Joughin, offers her professional expertise with her user-friendly, plain-speaking Will workshop.
Our private client law department is headed by Dawn Joughin who was recently short listed for the prestigious Legal Executive of the Year 2011 award.
Dawn and her staff will be able to help you with any private client law issues you might be facing, providing professional private client law advice across a range of topics including wills, probates and estates, inheritance tax advice, lasting and enduring powers of attorney and the legal implications of long term care for yourself or for an elderly relative. We can also help you when it comes to reclaiming overpaid NHS Care Home fees.
If you think we can help you, call today on 0151 239 1000
Attorney Michael Vereen helps Georgians navigate the bankruptcy system. One type of bankruptcy proceeding he deals with falls under the Chapter 13 designation.
Five Things Required for a Successful Probate ApplicationHull & Hull LLP
This SlideShare presentation describes what is required for a successful probate application, as well as what complications can arise when creating the document.
Depending on the exact estate in question various different types of legal devices could be utilized. In this presentation we are going to look at the core components of a basic estate plan.
In this case, the debtor has to draw up a plan of how the debt will be paid off. In this case, the debtor will have to pay much more than they would have otherwise paid.
Head of our Private Client department, Dawn Joughin, offers her professional expertise with her user-friendly, plain-speaking Will workshop.
Our private client law department is headed by Dawn Joughin who was recently short listed for the prestigious Legal Executive of the Year 2011 award.
Dawn and her staff will be able to help you with any private client law issues you might be facing, providing professional private client law advice across a range of topics including wills, probates and estates, inheritance tax advice, lasting and enduring powers of attorney and the legal implications of long term care for yourself or for an elderly relative. We can also help you when it comes to reclaiming overpaid NHS Care Home fees.
If you think we can help you, call today on 0151 239 1000
Attorney Michael Vereen helps Georgians navigate the bankruptcy system. One type of bankruptcy proceeding he deals with falls under the Chapter 13 designation.
The more complex an estate is in terms of asset diversification, management expectations and distribution objectives, the more pertinent a carefully crafted living trust becomes in terms of its overall financial benefit and functionality. living trusts are useful for high net worth individuals or estates that are seeking to supplement their wills with more specific asset management criteria.
Probate vs Non-Probate Assets What’s the Difference.pdfCleaSmith1
Probate is a legal process that involves the administration of an estate after the death of an individual. It involves the distribution of assets to the beneficiaries named in a will or determined by state law.
At Price & Kelway we get the job done, expertly.
Our clients are businesses and individuals who value clear advice and affordable solutions. They trust our team of specialist solicitors to provide the best legal support, whenever and wherever it is needed.
And we deliver, every time
Our philosophy is simple. Clients deserve legal support which is clear, within budget and effective. So we promise three things:
- Solicitors who speak your language
- Value for money and no hidden charges
- Solutions
Estate and business planning lawyer, Melanie McDonald walks people through the top things they should be aware of when doing their estate and business planning.
There are many misconceptions about how divorce property settlements are determined. Is it 50% / 50%? Are pre-existing assets included? What if one spouse has a significantly higher income? What about the inclusion of a family trust?
In this 'Back to Basics' presentation all these questions and more will be answered in easy to understand and practical terms. This overview will help you, better help your client.
Similar to Assets Passing Outside of an Estate (20)
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
2. 2
Assets Passing Outside of an Estate
• Typically, the claim that an individual brings against an estate is
limited to the recovery of assets held by the estate at time of
death.
• Other assets that are transferred outside of an estate may pass
“outside of” the deceased’s estate, rather than in accordance with
the terms of his or her Last Will and Testament.
• As a result, just because one is named as a beneficiary under a
Will does not mean that there will not be other beneficiaries who
benefit from assets that are not administered in accordance with its
terms.
3. 3
Life Insurance Policies
• The owner of a life insurance policy has the opportunity to name a
specific beneficiary to the proceeds paid out by the policy after
death. Beneficiary designations are usually revocable, meaning
that the owner of the policy may change the beneficiary if he or she
chooses to do so.
• If no beneficiary is designated for a life insurance policy, the
proceeds will instead fall into the estate and be distributed in
accordance with the terms of the Will.
• If a Will is subsequently executed and specifically refers to and
revokes a beneficiary designation, the policy proceeds may be paid
out to the estate.
• Beneficiary designations may determine the beneficiary to whom
other types of assets will also be transferred, such as funds held in
Tax-Free Savings Accounts and Registered Retirement Income
Funds.
4. 4
Jointly-Held Assets
• Individuals who are joint owners of an asset have a right of
survivorship and will receive joint property directly as the last
surviving joint owner.
• Note that joint ownership differs from tenancy in common in that a
tenant in common does not have a right of survivorship.
• In the case of assets jointly held with an adult child, however, a
presumption of resulting trust typically applies. Absent evidence
that the jointly-held property was intended to pass to the survivor,
the assets may be considered to be held by a surviving adult child
in trust for his or her parent’s estate.
• It is also possible to sever a joint tenancy while joint owners are
still living. The result will be that the ownership is divided and held
as tenants in common, with no right of survivorship.
5. 5
Inter Vivos Gifts
• Sometimes a person will choose to dispose of assets during his or
her lifetime.
• Gifting provides the donor of the gift with the opportunity to see the
recipient of the gift enjoying its benefit.
• Disposing of certain assets prior to death may prevent disputes
over items as assets of an estate.
• It is more difficult for a donor to seek to undo a gift if his or her
mind is later changed with respect to the desired beneficiary.
6. 6
Property Subject To Trust
• The beneficial interest in an asset can also be transferred to the
next generation using a trust.
• The creator of the trust (settlor) can retain some control over the
trust property before he or she dies as trustee or through the terms
of the trust.
7. 7
Exceptions
• Notwithstanding that certain assets may pass outside of an estate,
they may be clawed back into the estate for the purposes of
funding a claim for dependants’ support.
• Section 72 of the Succession Law Reform Act provides that any of
the classes of assets referred to in the previous slides shall be
deemed to be part of an estate for the purposes of calculating and
funding the provision of support to a dependant.
• Creditors of an estate may also have a claim against these types
of assets if it can be shown that they were transferred in a
deliberate attempt to conceal assets that would otherwise fall into
the estate and be subject to the claims of creditors.